- Equity markets opened under some pressure as the usual culprits fed an
increasingly risk averse environment. Weekly jobless claims spiked above 600K
to the highest level in more than a quarter of a century. The relentless
selling in the large cap US
banks continues sending BofA down another 15% below $4 briefly to levels not
seen since the mid 1980s. Wells Fargo traded off more than 10% as well. Early
stock losses for the second straight session resulted in Treasury market bids.
The 10-year note has traded up roughly half a point for much of the morning
sending the yield back below 2.90%. March crude traded below $40 once again
early in the session before recouping most of its losses with a rebound in
equity markets. Equity markets in both the US
and Europe snapped back sharply in late NY morning trade
as speculation picked up that the US
government was considering suspending mark to market rules when they unveil
their latest measures. It should be noted that multiple politicians on both
sides of the isle have made statements in the past indicating they were not in
favor of altering the current mark to market landscape.
- Jan same store sales results were as expected dismal, but most of the stocks
are experiencing a relief rally as the results were not worse than anticipated.
WMT +4% TGT +3% ANF +9% AEO +4%
- Shares of Dell are lower after a pre-market downgrade at JP Morgan. JPM also
slashed their outlook for PC shipments for the current year weighing on shares
of IBM and HPQ.
- Credit card behemoths MA and V are charged up after their earnings results
suggested they are weathering the economic storm thus far. MA noted that the
gross dollar volume was up better than 3% y/y in the latest quarter
- The European interest rate decisions came in as expected with the BOE cutting
by 50bps to 1.00% while the ECB paused at the 2.0% level also expected.
- At the ECB press conference; Trichet initial comments were perceived as
'dovish' as he stated that the market turmoil has intensified and reduced
economy activity. The EUR/USD languished below the 1.28 area for most of the NY
morning as Trichet backpedaled on potential rate moves at the March ECB policy
meeting. Trichet commented that the market expectations of 50bps cut could be
accurate in March and that the current 2% level did not mark the floor in the
easing cycle. He did reiterate the drawbacks of zero interest rates and
complemented the point that the risk that one could be overly pessimistic
regarding economic recovery. Protectionism was also cited as a very important
threat. EUR/GBP cross was trading at 0.8730 as GBP also benefited from the HBOS
housing Index uptick from earlier in the session.
- Some risk aversion sentiment remained in the NY morning session (particularly
in financial sector). The IMF's Strauss Kahn noted that he saw the possibility
for a global recovery in 2010, but cautioned that such a scenario was not
certain. IMF cited that lending not improved at the desired speed and that the
implementations of stimulus packages have been 'too much delayed.' The JPY is
softer from its opening levels against the major pairs and the selling was only
exacerbated by the late morning rebound in stocks.
- The Russian Ruble tested its recently imposed ceiling of 41 against the
basket but it did not encounter any significant break of the level. The Russian
Central previously commented that it would use all tools available to maintain
the ceiling including raising interest rates and currency intervention.
- The Mexican Peso was 1% firmer as unconfirmed reports circulated that its
Central bank was again undertaken currency intervention to support MXN.
- The German yield curve maintained its steepening shape with the spread between
the 2-year and 10-year at 194bps, the widest level since late 1997.
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Forex Trading News
Daily Forex Market News Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Forex News Real-time forex market news reports and features providing
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Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
John M. Bland, MBA co-founding Partner, Global-View.com
Max McKegg’s Daily Forex Trading Forecasts
FX Trader, Max McKegg, forecasts all the Major currencies and the
Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders
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looking for your first broker or do you need of a new one? There are
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The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.
The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.
Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.
Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.
Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
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